LG Electronics delivers earnings shock with big loss in 4th quarter
Published: 27 Jan. 2023, 16:08
Updated: 27 Jan. 2023, 17:53
![LG Electronics' headquarters in Yeouido, western Seoul [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/01/27/75b05a47-d2f9-4c1b-8c2d-80fd7330517a.jpg)
LG Electronics' headquarters in Yeouido, western Seoul [YONHAP]
LG Electronics reported a net loss of 212. 4 billion won ($172 million) in the final quarter of last year amid plunging demand for electronic devices and rising costs.
The electronics maker reported 21.3 billion won of net profit in the year-earlier period.
It declined to specify the causes of the deep loss during the fourth quarter of 2022.
Analysts believe the television business was particularly weak during the quarter.
The figure is an earnings shock since a market consensus was for a 200 billion won net profit, as published by FnGuide.
The company's operating profit slid 90.7 percent to 69.3 billion won the the September-to-December period. Sales inched up 3.2 percent to 21.9 trillion won.
BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
with the Korea JoongAng Daily
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